Back to all Blog 11 July 2023

PCL prices have fallen 5.9% in the last year – JLL

'The implications of stubborn inflation on the UK mortgage market are hampering activity in Prime Central London,' says JLL. 

Property prices in Prime Central London continue to fall and rents continue to rise, according to the latest JLL indices. This despite the top-end of the capital’s market being relatively insulated from escalating mortgage costs, as a high proportion of deals involve cash buyers. JLL’s analysis of Land Registry data indicates that, over the last 12 months, 44% of homes in City of Westminster and 49% in Kensington & Chelsea were purchased in cash. This compares to 19% London wide. Average property values in Prime Central London fell for a third consecutive quarter in Q2, according to JLL’s latest index. A 2.1% quarterly decline puts prices 5.9% below where they were at this time last year, and 6.8% lower than they were when prices peaked in the third quarter of 2022. Higher-value homes are proving more resilient to the downward slide, with top-end prices down 0.8% in the 12 months to June 2023 compared with a 6.7% fall in properties priced at under £2mn. Despite less-than-rosy market sentiment, deal numbers actually jumped 28% from Q1’s (admittedly slow) tally. The number of homes available to buy also rose in Q2, with 8.3% more sales listings in PCL than in Q2, 2022 and 9.7% more than at the end of the first quarter this year. JLL says stock on the market is now at its highest level since the end of Q2, 2020.

 
 

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